05/01/2024 | Press release | Distributed by Public on 05/01/2024 09:00
Single
Life
|
Joint
Life
|
|
Current Initial Annual Charge
|
1.50%
|
1.60%
|
Single Life PAI Rate
|
Joint Life PAI Rate
|
||
Age
|
PAI Rate
|
Age
|
PAI Rate
|
59 - 64
|
4.75%
|
59 - 64
|
4.25%
|
65 - 69
|
5.75%
|
65 - 69
|
5.25%
|
70 - 74
|
6.05%
|
70 - 74
|
5.55%
|
75 +
|
6.25%
|
75 +
|
5.75%
|
i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) for Contractowners who transition from Lin-
coln Lifetime IncomeSM Advantage 2.0 (Managed Risk)
|
Single
Life
|
Joint
Life
|
Current Initial Annual Charge
|
1.50%
|
1.60%
|
Single Life GIB %
|
Joint Life GIB %
|
||
Age
|
GIB %
|
Age
|
GIB %
|
Under 40
|
2.00%
|
Under 40
|
2.00%
|
40-54
|
2.25%
|
40-54
|
2.00%
|
55-58
|
2.25%
|
55-58
|
2.00%
|
59-64
|
3.25%
|
59-64
|
2.50%
|
65-69
|
4.00%
|
65-69
|
3.00%
|
70-74
|
4.50%
|
70-74
|
3.25%
|
75-79
|
4.50%
|
75-79
|
3.50%
|
80+
|
4.50%
|
80+
|
3.75%
|
Single Life
|
Joint Life
|
|
Current Initial Annual Charge*
|
1.05%
|
1.25%
|
Single Life GIB Percentage
|
Joint Life GIB Percentage
|
||
Age
|
GIB Percentage
|
Age
|
GIB Percentage
|
Under 40
|
2.50%
|
Under 40
|
2.50%
|
40-54
|
3.00%
|
40-54
|
3.00%
|
55-58
|
3.50%
|
55-58
|
3.50%
|
59-64
|
4.00%
|
59-64
|
4.00%
|
65-69
|
4.50%
|
65-69
|
4.00%
|
70-74
|
5.00%
|
70-74
|
4.50%
|
75-79
|
5.00%
|
75-79
|
5.00%
|
80+
|
5.50%
|
80+
|
5.50%
|
Item
|
Page
|
Special Terms
|
3
|
Important Information You Should Consider About the Lincoln ChoicePlus AssuranceSM (B-Class) Variable Annuity Contract
|
5
|
Overview of the Contract
|
7
|
Fee Tables
|
9
|
Principal Risks
|
11
|
Investments of the Variable Annuity Account
|
13
|
Charges and Other Deductions
|
15
|
The Contracts
|
20
|
Purchase Payments
|
21
|
Transfers On or Before the Annuity Commencement Date
|
22
|
Surrenders and Withdrawals
|
25
|
Benefits Available Under the Contract
|
27
|
Death Benefits
|
29
|
Living Benefit Riders
|
33
|
i4LIFE® Advantage
|
34
|
Guaranteed Income Benefit
|
37
|
Annuity Payouts
|
44
|
Fixed Side of the Contract
|
45
|
Distribution of the Contracts
|
48
|
Federal Tax Matters
|
49
|
Additional Information
|
55
|
Voting Rights
|
55
|
Return Privilege
|
55
|
State Regulation
|
55
|
Records and Reports
|
55
|
Legal Proceedings
|
56
|
Appendix A - Funds Available Under The Contract
|
A-1
|
Appendix B - Investment Requirements
|
B-1
|
Appendix C - Discontinued Living Benefit Riders
|
C-1
|
Appendix D - Protected Annual Income Rates for Previous Rider Elections
|
D-1
|
Appendix E - Guaranteed Income Benefit Percentages for Previous Rider Elections
|
E-1
|
Appendix F - Enhancement Rates for Previous Rider Elections
|
F-1
|
Appendix G - Current Rider Charges for Previous Elections
|
G-1
|
FEES AND EXPENSES
|
Location in
Prospectus
|
|||
Charges for Early
Withdrawals
|
If you make a withdrawal in excess of the free withdrawal amount before the 7th
anniversary since your last Purchase Payment, you may be assessed a surrender charge
of up to 7% of the amount withdrawn, declining to 0% over that time period. For
example, if you make a withdrawal of $100,000 during the first year after your Purchase
Payment, you could be assessed a charge of up to $7,000 on the Purchase Payment
withdrawn.
|
•Fee Tables
•Examples
•Charges and
Other
Deductions -
Surrender
Charge
|
||
Transaction
Charges
|
There is currently no charge for a transfer. We reserve the right to charge a $25 fee for
each transfer if you make more than 12 transfers in one Contract Year.
|
•Charges and
Other
Deductions
|
||
Ongoing Fees and
Expenses (annual
charges)
|
Minimum and Maximum Annual Fee Table. The table below describes the current fees
and expenses that you may pay each year, depending on the options you choose. Please
refer to your contract specifications page for information about the specific fees you will
pay each year based on the options you have elected.
|
•Fee Tables
•Examples
•Charges and
Other
Deductions
|
||
Annual Fee
|
Minimum
|
Maximum
|
||
Base Contract - Account Value Death
Benefit
|
1.27%1
|
1.27%1
|
||
Base Contract - Guarantee of Principal
Death Benefit
|
1.32%1
|
1.32%1
|
||
Base Contract - Enhanced Guaranteed
Minimum Death Benefit
|
1.57%1
|
1.57%1
|
||
Investment options (fund fees and
expenses)
|
0.48%1
|
3.17%1
|
||
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
|
0.40% 1
|
2.45% 2
|
||
1 As a percentage of average Account Value in the Subaccounts.
|
||||
2 As an annualized percentage of the Protected Income Base.
|
||||
Lowest and Highest Annual Cost Table. Because your Contract is customizable, the
choices you make affect how much you will pay. To help you understand the cost of
owning your Contract, the following table shows the lowest and highest cost you could
pay each year. This estimate assumes that you do not take withdrawals from the
Contract, which could add surrender charges that substantially increase costs.
|
||||
Lowest Annual Cost: $2,041
|
Highest Annual Cost: $6,409
|
|||
Assumes:
|
Assumes:
|
|||
•Investment of $100,000
•5% annual appreciation
•Least expensive fund fees and
expenses
•No optional benefits
•No surrender charges
•No additional Purchase Payments,
transfers, or withdrawals
|
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
optional benefits and fund fees and
expenses
•No surrender charges
•No additional Purchase Payments,
transfers, or withdrawals
|
RISKS
|
Location in
Prospectus
|
|
Risk of Loss
|
•You can lose money by investing in this Contract, including loss of principal.
|
•Principal Risks
•Investments of
the Variable
Annuity
Account
|
Not a Short-Term
Investment
|
•This Contract is not designed for short-term investing and is not appropriate for the
investor who needs ready access to cash.
•Excess Withdrawals may result in surrender charges. If you take a withdrawal, any
surrender charge will reduce the value of your Contract or the amount of money that
you actually receive.
•The benefits of tax deferral, long-term income, and living benefit protections mean
the Contract is more beneficial to investors with a long-term investment horizon.
•Withdrawals are subject to ordinary income tax and may be subject to tax penalties.
|
•Principal Risks
•Surrender and
Withdrawals
•Fee Tables
•Charges and
Other
Deductions
•Living Benefit
Riders
|
Risks Associated
with Investment
Options
|
•An investment in this Contract is subject to the risk of poor investment performance
of the investment options you choose. Performance can vary depending on the
performance of the investment options available under the Contract.
•Each investment option (including the fixed account option) has its own unique risks.
•You should review the investment options before making an investment decision.
|
•Principal Risks
•Investments of
the Variable
Annuity
Account
|
Insurance
Company Risks
|
•An investment in the Contract is subject to the risks related to Lincoln New York. Any
obligations (including under the fixed account option), guarantees, or benefits of the
Contract are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More information about Lincoln
New York, including our financial strength ratings, is available upon request by
calling 1-888-868-2583 or visiting www.LincolnFinancial.com.
|
•Principal Risks
|
RESTRICTIONS
|
Location in
Prospectus
|
|
Investments
|
•The frequency of transfers between investment options is restricted. There are also
restrictions on the minimum amount that may be transferred from a variable option
and the maximum amount that may be transferred from the fixed account option.
•We reserve the right to charge a $25 fee for each transfer if you make more than 12
transfers in one Contract Year.
•We reserve the right to remove or substitute any funds as investment options that
are available under the Contract.
•Your ability to transfer between investment options may also be restricted as a result
of Investment Requirements if you have elected an optional benefit.
|
•Principal Risks
•Investments of
the Variable
Annuity
Account
|
Optional Benefits
|
•Optional benefits may limit or restrict the investment options that you may select
under the Contract. We may change these restrictions in the future.
•Excess Withdrawals may reduce the value of an optional benefit by an amount
greater than the value withdrawn or result in termination of the benefit.
•You are required to have a certain level of Contract Value for some new rider
elections.
•We may modify or stop offering an optional benefit that is currently available at any
time.
•If you elect certain optional benefits, you may be limited in the amount of Purchase
Payments that you can make (and when).
|
•The Contracts
•Living Benefit
Riders
•Appendix B -
Investment
Requirements
•Appendix C -
Discontinued
Living Benefit
Riders
|
TAXES
|
Location in
Prospectus
|
|
Tax Implications
|
•Consult with a tax professional to determine the tax implications of an investment in
and payments received under this Contract.
•If you purchase the Contract through a tax-qualified plan or IRA, you do not get any
additional tax benefit under the Contract.
•Earnings on your Contract are taxed at ordinary income tax rates when you withdraw
them, and you may have to pay a penalty if you take a withdrawal before age 59½.
|
•Federal Tax
Matters
|
CONFLICTS OF INTEREST
|
Location in
Prospectus
|
|
Investment
Professional
Compensation
|
•Your registered representative may receive compensation for selling this Contract to
you, both in the form of commissions and because we may share the revenue it
earns on this Contract with the professional's firm. (Your investment professional
may be your broker, investment adviser, insurance agent, or someone else).
•This potential conflict of interest may influence your investment professional to
recommend this Contract over another investment.
|
•Distribution of
the Contracts
•Principal Risks
|
Exchanges
|
•Some investment professionals may have a financial incentive to offer you a new
Contract in place of the one you own. You should only exchange your contract if you
determine, after comparing the features, fees, and risks of both contracts, that it is
better for you to purchase the new Contract rather than continue to own your existing
contract.
|
•The Contracts -
Replacement
of Existing
Insurance
|
Surrender charge (as a percentage of Purchase Payments surrendered/withdrawn):1
|
7.00%
|
Transfer charge:2
|
$25
|
We may also apply an Interest Adjustment to amounts being withdrawn, surrendered or transferred from a Guaranteed
Period account (except for dollar cost averaging, cross-reinvestment, withdrawals up to the Maximum Annual
Withdrawal amount under Lincoln SmartSecurity® Advantage and Regular Income Payments under i4LIFE® Advantage).
See Fixed Side of the Contract.
|
Administrative Expense (Annual Account Fee):1
|
$30
|
|
Base Contract Expenses (as a percentage of average Account Value in the Subaccounts)2
|
||
Account Value Death Benefit
|
1.25%
|
|
Guarantee of Principal Death Benefit
|
1.30%
|
|
Enhanced Guaranteed Minimum Death Benefit (EGMDB)
|
1.55%
|
Optional Benefit Expenses (Protected Lifetime Income Fees)
|
Single
Life
|
Joint
Life
|
Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) riders elected on or after May 21, 2018:3, 4
|
||
Guaranteed Maximum Annual Charge
|
2.25%
|
2.45%
|
Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) riders elected prior to May 21, 2018:4, 5
|
||
Guaranteed Maximum Annual Charge
|
2.00%
|
2.00%
|
Current Initial Annual Charge
|
1.05%
|
1.25%
|
Lincoln Lifetime IncomeSM Advantage:6
|
||
Guaranteed Maximum Annual Charge
|
1.50%
|
1.50%
|
Current Charge
|
0.90%
|
0.90%
|
Lincoln SmartSecurity® Advantage - 1 Year Automatic Step-up option:7
|
||
Guaranteed Maximum Annual Charge
|
1.50%
|
1.50%
|
Current Charge
|
0.85%
|
1.00%
|
Lincoln SmartSecurity® Advantage - 5 Year Elective Step-up option:7
|
||
Guaranteed Maximum Annual Charge
|
0.95%
|
N/A
|
Current Charge
|
0.85%
|
N/A
|
4LATER® Advantage:8
|
||
Guaranteed Maximum Annual Charge
|
1.50%
|
N/A
|
Current Charge
|
0.65%
|
N/A
|
i4LIFE® Advantage:9
|
||
Current Charge
|
0.40%
|
0.40%
|
i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) riders elected on or after May 21, 2018:3, 10
|
||
Guaranteed Maximum Annual Charge
|
2.00%
|
2.00%
|
i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) riders elected prior to May 21, 2018 and
i4LIFE® Advantage Guaranteed Income Benefit (version 4) riders:10
|
||
Guaranteed Maximum Annual Charge
|
2.00%
|
2.00%
|
Current Charge
|
0.65%
|
0.85%
|
i4LIFE® Advantage Guaranteed Income Benefit (versions 1, 2 and 3):11
|
||
Guaranteed Maximum Annual Charge
|
1.50%
|
1.50%
|
Current Charge
|
0.50%
|
0.50%
|
Annual Fund Expenses
|
Minimum
|
Maximum
|
Expenses that are deducted from the fund assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses before reimbursements.
|
0.48
%
|
3.17
%
|
Expenses that are deducted from the fund assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses after any waivers or expense reimbursements.1
|
0.48
%
|
1.58
%
|
1 year
|
3 years
|
5 years
|
10 years
|
$14,044
|
$26,688
|
$38,759
|
$64,089
|
1 year
|
3 years
|
5 years
|
10 years
|
$7,044
|
$20,688
|
$33,759
|
$64,089
|
Enhanced
Guaranteed Minimum
Death Benefit (EGMDB)
|
Guarantee of
Principal Death
Benefit (GOP)
|
Account Value
Death Benefit
|
|
Mortality and expense risk charge
|
1.45
%
|
1.20
%
|
1.15
%
|
Administrative charge
|
0.10
%
|
0.10
%
|
0.10
%
|
Total base contract expense
|
1.55
%
|
1.30
%
|
1.25
%
|
Number of contract anniversaries since
Purchase Payment was invested
|
||||||||
0
|
1
|
2
|
3
|
4
|
5
|
6
|
7+
|
|
Surrender charge as a percentage of the surrendered or
withdrawn Purchase Payments
|
7
%
|
7
%
|
6
%
|
6
%
|
5
%
|
4
%
|
3
%
|
0
%
|
1/1/2024 Initial i4LIFE® Advantage Account Value
|
$100,000
|
1/1/2024 Protected Income Base as of the last Valuation Date under the Prior Rider
|
$125,000
|
1/1/2024 Initial Annual Charge for i4LIFE® Advantage Guaranteed Income Benefit ($125,000 x 1.50%). The protected
lifetime income fee for the Prior Rider is assessed against the Protected Income Base since it is larger than the
Account Value
|
$1,875
|
1/2/2024 Amount of initial i4LIFE® Advantage Regular Income Payment (an example of how the Regular Income Payment
is calculated is shown in the SAI)
|
$5,173
|
1/2/2024 Initial Guaranteed Income Benefit (4% x $125,000 Protected Income Base)
|
$5,000
|
1/2/2025 Recalculated Regular Income Payment (due to market gain in Account Value)
|
$6,900
|
1/2/2025 New Guaranteed Income Benefit (75% x $6,900 Regular Income Payment)
|
$5,175
|
1/2/2025 Annual Charge for i4LIFE® Advantage Guaranteed Income Benefit ($1,875 x ($5,175/$5,000)) Prior charge x
[ratio of increased Guaranteed Income Benefit to prior Guaranteed Income Benefit]
|
$1,940.63
|
1/2/2025 Annual Charge for i4LIFE® Advantage Guaranteed Income Benefit
|
$1,940.63
|
1/2/2026 Recalculated Regular Income Payment (due to Account Value increase)
|
$7,400
|
1/2/2026 New Guaranteed Income Benefit (75% x $7,400 Regular Income Payment)
|
$5,550
|
Assume the Prior Rider fee rate increases from 1.50% to 1.60%.
|
|
1/2/2026 Annual Charge for i4LIFE® Advantage Guaranteed Income Benefit ($1,940.63 x ($5,550/$5,175) x
(1.60%/1.50%))
|
$2,220.01
|
Standard Benefits
|
|||
Name of Benefit
|
Purpose
|
Maximum Fee
|
Brief Description of Restrictions /
Limitations
|
Account Value Death
Benefit
|
Provides a Death Benefit equal to the
Contract Value.
|
•1.25%
|
•Poor investment performance could
significantly reduce the benefit.
•Withdrawals could significantly reduce
the benefit.
|
Guarantee of Principal
Death Benefit
|
Provides a Death Benefit equal to the
greatest of (1) Contract Value; (2) all
Purchase Payments, adjusted for
withdrawals.
|
•1.30%
|
•Withdrawals could significantly reduce
the benefit.
|
Enhanced Guaranteed
Minimum Death
Benefit (EGMDB)
|
Provides a Death Benefit equal to the
greatest of (1) Contract Value; (2) all
Purchase Payments, adjusted for
withdrawals; (3) the highest Contract Value
on any contract anniversary prior to age 81
as adjusted for withdrawals.
|
•1.55%
|
•Not available if age 80 or older at the
time of issuance.
•Withdrawals could significantly reduce
the benefit.
•Poor investment performance could
significantly reduce and limit potential
increases to the highest Contract Value.
|
Dollar-Cost Averaging
|
Allows you to automatically transfer
amounts between certain investment
options on a monthly basis.
|
None
|
•Minimum amount to be dollar cost
averaged is $1,500 over any time period
between 3 and 60 months.
•Cannot be used simultaneously with
portfolio rebalancing or cross
reinvestment.
|
Portfolio Rebalancing
|
Allows you to automatically reallocate your
Contract Value among investment options
on a periodic basis based on your standing
allocation instructions.
|
None
|
•Cannot be used simultaneously with
dollar cost averaging or cross
reinvestment.
|
Cross-Reinvestment
|
When the amount invested in an investment
option exceeds a baseline amount, allows
you to automatically transfer the excess
amount to another investment option.
|
None
|
•Cannot be used simultaneously with
dollar cost averaging or portfolio
rebalancing.
|
Automatic Withdrawal
Service
|
Allows you to take periodic withdrawals
from your Contract automatically.
|
None
|
•Automatically terminates once i4LIFE®
Advantage begins.
|
Optional Benefits - Available for Election
|
|||
Name of Benefit
|
Purpose
|
Maximum Fee
|
Brief Description of Restrictions /
Limitations
|
i4LIFE® Advantage
|
Provides:
•Variable periodic Regular Income
Payments for life.
•The ability to make additional
withdrawals and surrender the Contract
during the Access Period.
|
•i4LIFE® Advantage:
0.40% in addition to
the base contract
expense for the
Death Benefit you
have elected.
|
•Withdrawals could significantly reduce or
terminate the benefit.
•Restrictions apply to the length of the
Access Period.
•Additional Purchase Payments may be
subject to restrictions.
|
Optional Benefits - No Longer Available for Election1
|
|||
Name of Benefit
|
Purpose
|
Maximum Fee
|
Brief Description of Restrictions /
Limitations
|
Lincoln Lifetime
IncomeSM Advantage
2.0 (Managed Risk)
|
Provides:
•Guaranteed lifetime periodic withdrawals;
•An Enhancement to the Protected
Income Base;
•Account Value Step-ups of the Protected
Income Base;
•Age-based increases to the Protected
Annual Income amount.
|
•2.25% Single Life
Option
•2.45% Joint Life
Option
(as a percentage of
the Protected
Income Base)
|
•Investment Requirements apply.
•Excess Withdrawals could significantly
reduce or terminate the benefit.
•Any withdrawal may negatively impact or
eliminate the potential for enhancements
or step-ups.
•Subject to a $10 million maximum
Protected Income Base across all Living
Benefit Riders.
•Purchase Payments and step-ups may
increase fee rate.
•Additional Purchase Payments may be
limited.
|
Lincoln Lifetime
IncomeSM Advantage
2.0
|
Provides:
•Guaranteed lifetime periodic withdrawals;
•An Enhancement to the Protected
Income Base;
•Account Value Step-ups of the Protected
Income Base;
•Age-based increases to the Protected
Annual Income amount
|
•2.00%
(as a percentage of
Protected Income
Base)
|
•Investment Requirements apply.
•Subject to a $10 million maximum
across all Living Benefit Riders.
•Excess withdrawals could significantly
reduce or terminate the benefit.
•Any withdrawal may negatively impact or
eliminate the potential for enhancements
or step-ups.
•Purchase Payments and step-ups may
increase fee rate.
•Additional Purchase Payments may be
limited.
|
Lincoln Lifetime
IncomeSM Advantage
|
Provides:
•Guaranteed lifetime periodic withdrawals
for you and any joint life regardless of
investment performance.
•Includes step-up and enhancement
features that may result in a higher
guaranteed minimum at certain points in
time.
|
•1.50%
(as a percentage of
Protected Income
Base)
|
•Investment Requirements apply.
•Subject to a $10 million maximum
across all Living Benefit Riders.
•Must be at least age 59 (single life
option) or age 65 (joint life option) to
begin taking guaranteed withdrawals.
•Excess and early withdrawals may
significantly reduce or terminate the
benefit.
•Any withdrawal may negatively impact or
eliminate the potential for enhancements
or step-ups.
•Purchase Payments and step-ups may
increase fee rate.
•Purchase Payments subject to additional
restrictions.
|
Lincoln
SmartSecurity®
Advantage
|
Provides:
•A minimum guaranteed amount that you
can withdraw, in installments, from your
Contract. Lifetime periodic withdrawals
may also be available if certain
conditions are met.
|
•1.50%
(as an annualized
percentage of the
Guaranteed
Amount)
|
•Withdrawals could significantly reduce or
terminate the benefit.
•Investment Requirements apply.
•Subject to a $10 million maximum
across all Living Benefit Riders.
•Additional Purchase Payments may be
limited.
•A step-up of the Guaranteed Amount
may increase the fee rate.
|
Optional Benefits - No Longer Available for Election1
|
|||
Name of Benefit
|
Purpose
|
Maximum Fee
|
Brief Description of Restrictions /
Limitations
|
4LATER® Advantage
|
•Establishes a benefit base used to
calculate a guaranteed income benefit
under i4LIFE® Advantage when you are
ready to elect it.
•The benefit base has the potential for
enhancements and resets. Guaranteed
income benefit after election of i4LIFE®
Advantage has a step-up feature that
may result in a higher guaranteed
minimum at certain points in time.
|
•1.50%
(as a percentage of
Protected Income
Base)
|
•Investment Requirements apply.
•Withdrawals may significantly reduce or
terminate the benefit.
•Any withdrawal may negatively impact or
eliminate the potential for enhancements,
resets, or step-ups.
•Resets may increase current fee rate.
•Purchase Payments subject to additional
restrictions.
|
i4LIFE®Advantage
Guaranteed Income
Benefit
|
•Provides a minimum payout floor for
Regular Income Payments under i4LIFE®
Advantage.
|
•Guaranteed Income
Benefit (Managed
Risk) and
Guaranteed Income
Benefit (version 4):
2.00%* (single/joint
life option)
•Guaranteed Income
Benefit (versions 1,
2 and 3): 1.50%*
(single/joint life
option)
*The Guaranteed
Income Benefit
charge is in addition
to the i4LIFE®
Advantage charge
and your base
contract expense.
|
•Guaranteed Income Benefit limits
available investment options (Investment
Requirements apply).
•Withdrawals could significantly reduce or
terminate the benefit.
•Restrictions apply to the length of the
Access Period.
•Additional Purchase Payments can be
subject to restrictions.
|
upon death of:
|
and...
|
and...
|
Death Benefit proceeds pass to:
|
Contractowner
|
There is a surviving joint owner
|
The Annuitant is living or deceased
|
Joint owner
|
Contractowner
|
There is no surviving joint owner
|
The Annuitant is living or deceased
|
Designated Beneficiary
|
Contractowner
|
There is no surviving joint owner
and the Beneficiary predeceases the
Contractowner
|
The Annuitant is living or deceased
|
Contractowner's estate
|
Annuitant
|
The Contractowner is living
|
There is no contingent Annuitant
|
The youngest Contractowner
becomes the contingent Annuitant
and the Contract continues. The
Contractowner may waive* this
continuation and receive the Death
Benefit proceeds.
|
Annuitant
|
The Contractowner is living
|
The contingent Annuitant is living
|
Contingent Annuitant becomes the
Annuitant and the Contract
continues
|
upon death of:
|
and...
|
and...
|
Death Benefit proceeds pass to:
|
Annuitant
|
The Contractowner is a trust or
other non-natural person**
|
No contingent Annuitant allowed
with non-natural Contractowner
|
Designated Beneficiary
|
7/3/2024 Initial Deposit / Contract Value
|
$10,000
|
7/3/2028 Contract Value
|
$25,000
|
7/3/2029 Contract Value
|
$23,500
|
Minimum Access Period
|
Maximum Access Period
|
|
i4LIFE® Advantage (without a Guaranteed Income
Benefit) for new elections on and after November 20,
2023
|
10 years
|
The length of time between
your age and age 115 for
nonqualified contracts; age
100 for qualified contracts
|
i4LIFE® Advantage (without a Guaranteed Income
Benefit) for elections prior to November 20, 2023
|
5 years
|
The length of time between
your age and age 115 for
nonqualified contracts; age
100 for qualified contracts
|
Guaranteed Income Benefit (Managed Risk)
|
Longer of 20 years or the difference between your age
(nearest birthday) and age 90
|
To age 115 for nonqualified
contracts; to age 100 for
qualified contracts
|
Guaranteed Income Benefit (version 4) elections on or
after May 21, 2012
|
Longer of 20 years or the difference between your age
(nearest birthday) and age 100
|
To age 115 for nonqualified
contracts; to age 100 for
qualified contracts
|
Guaranteed Income Benefit (version 4) elections prior to
May 21, 2012
|
Longer of 20 years or the difference between your age
(nearest birthday) and age 90
|
To age 115 for nonqualified
contracts; to age 100 for
qualified contracts
|
Guaranteed Income Benefit (version 2 and 3)
|
Longer of 15 years or the difference between your age
(nearest birthday) and age 85
|
To age 115 for nonqualified
contracts; to age 100 for
qualified contracts
|
Account Value (equals Contract Value on date i4LIFE® Advantage
Guaranteed Income Benefit is elected)
|
$100,000
|
|
Guaranteed Amount/Protected Income Base on date i4LIFE®
Advantage Guaranteed Income Benefit is elected:
|
$140,000
|
|
Initial Regular Income Payment
|
$5,411
|
|
Initial Guaranteed Income Benefit (4.5% x $140,000 Guaranteed
Amount/Protected Income Base which is greater than $100,000
Account Value)
|
$6,300
|
i4LIFE® Account Value before market decline
|
$135,000
|
i4LIFE® Account Value after market decline
|
$100,000
|
Guaranteed Income Benefit
|
$810
|
Regular Income Payment after market decline
|
$769
|
Account Value after market decline and Guaranteed Income Benefit
payment
|
$99,190
|
8/1/2024 Amount of initial Regular Income Payment
|
$4,801
|
8/1/2024 Account Value at election of Guaranteed Income Benefit
|
$100,000
|
8/1/2024 Initial Guaranteed Income Benefit (4% x $100,000 Account Value)
|
$4,000
|
8/1/2025 Recalculated Regular Income Payment
|
$6,000
|
8/1/2025 Guaranteed Income Benefit after step-up (75% of $6,000)
|
$4,500
|
If your Prior Rider is...
|
you will transition to…
|
•Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk)
|
Guaranteed Income Benefit (Managed Risk)
|
•Lincoln Lifetime IncomeSM Advantage 2.0
|
Guaranteed Income Benefit (version 4)
|
Minimum Access Period
|
||
Elections of i4LIFE® Advantage prior
to the 5th Benefit Year anniversary
|
Elections of i4LIFE® Advantage on and
after the 5th Benefit Year anniversary
|
|
Purchasers of:
•Lincoln Lifetime IncomeSM Advantage
2.0 (Managed Risk) on or after June 15,
2020
|
Longer of 20 years or the difference
between your age and age 90
|
Longer of 20 years or the difference
between your age and age 90
|
Purchasers of:
•Lincoln Lifetime IncomeSM Advantage
2.0 on or after May 21, 2012
|
Longer of 20 years or the difference
between your age and age 100
|
Longer of 20 years or the difference
between your age and age 95
|
Purchasers of:
•Lincoln Lifetime IncomeSM Advantage
2.0 (Managed Risk) prior to June 15,
2020
•Lincoln Lifetime IncomeSM Advantage
2.0 prior to May 21, 2012
|
Longer of 20 years or the difference
between your age and age 90
|
Longer of 15 years or the difference
between your age and age 85
|
i4LIFE® Advantage Guarantee of Principal Death Benefit
|
$200,000
|
|
Regular Income Payment
|
$25,000
|
|
Account Value at the time of additional withdrawal
|
$150,000
|
|
Additional withdrawal
|
$15,000
|
($15,000/$150,000=10% withdrawal)
|
Death Benefit Value after Regular Income Payment = $200,000 - $25,000 = $175,000
|
||
Reduction in Death Benefit value for withdrawal = $175,000 x 10% = $17,500
|
||
Death Benefit Value after additional withdrawal = $175,000 - $17,500 = $157,500
|
i4LIFE® Regular Income Payment before additional withdrawal
|
$1,200
|
|
Guaranteed Income Benefit before additional withdrawal
|
$900
|
|
Account Value at time of additional withdrawal
|
$150,000
|
|
Additional withdrawal
|
$15,000
|
(a 10% withdrawal)
|
Reduction in Guaranteed Income Benefit for additional withdrawal = $900 x 10% = $90
|
||
Guaranteed Income Benefit after additional withdrawal = $900 - $90 = $810
|
(1+A)n
|
-1
|
(1+B)n
|
where:
|
||
A
|
=
|
yield rate for a U.S. Treasury security with time to maturity equal to the Subaccount's Guaranteed Period, determined at
the beginning of the Guaranteed Period.
|
B
|
=
|
yield rate for a U.S. Treasury security with time to maturity equal to the time remaining in the Guaranteed Period if greater
than one year, determined at the time of surrender, withdrawal or transfer. For remaining periods of one year or less, the
yield rate for a one year U.S. Treasury security is used.
|
n
|
=
|
The number of years remaining in the Guaranteed Period (e.g., 1 year and 73 days = 1 + (73 divided by 365) = 1.2 years).
|
Straight-Line interpolation is used for periods to maturity not quoted.
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
Long-term growth of capital.
|
AB VPS Discovery Value Portfolio -
Class B
advised by AllianceBernstein L.P.
|
1.06%
|
16.86%
|
10.51%
|
7.29%
|
Long-term growth of capital.
|
AB VPS Sustainable Global Thematic
Portfolio - Class B
advised by AllianceBernstein L.P.
|
1.17%2
|
15.70%
|
13.27%
|
9.33%
|
Long-term growth of capital.
|
American Funds Global Growth Fund -
Class 2
|
0.66%2
|
22.60%
|
13.65%
|
9.58%
|
Long-term capital growth.
|
American Funds Global Small
Capitalization Fund - Class 2
|
0.91%2
|
16.17%
|
8.31%
|
5.78%
|
Growth of capital.
|
American Funds Growth Fund - Class 2
|
0.59%
|
38.49%
|
18.68%
|
14.36%
|
Long-term growth of capital and income.
|
American Funds Growth-Income Fund -
Class 2
|
0.53%
|
26.14%
|
13.36%
|
10.91%
|
Long-term growth of capital.
|
American Funds International Fund -
Class 2
|
0.78%
|
15.84%
|
4.83%
|
3.41%
|
Long-term growth of capital.
|
ClearBridge Variable Mid Cap Portfolio -
Class II
advised by Legg Mason Partners Fund
Advisor, LLC
|
1.08%
|
12.62%
|
10.46%
|
6.83%
|
Capital Appreciation. A fund of funds.
|
DWS Alternative Asset Allocation VIP
Portfolio - Class B
advised by DWS Investment
Management Americas, Inc.
|
1.21%
|
5.67%
|
5.70%
|
2.63%
|
Income and capital growth consistent
with reasonable risk.
|
Fidelity® VIP Balanced Portfolio -
Service Class 2
|
0.69%
|
21.29%
|
12.16%
|
8.81%
|
Long-term capital appreciation.
|
Fidelity® VIP Contrafund® Portfolio -
Service Class 2
|
0.81%
|
33.12%
|
16.36%
|
11.33%
|
To achieve capital appreciation.
|
Fidelity® VIP Growth Portfolio - Service
Class 2
|
0.83%
|
35.89%
|
19.34%
|
14.51%
|
Long-term growth of capital.
|
Fidelity® VIP Mid Cap Portfolio - Service
Class 2
|
0.82%
|
14.80%
|
12.17%
|
7.85%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
To provide capital appreciation.
|
First Trust Capital Strength Portfolio -
Class I
|
1.10%2
|
7.75%
|
N/A
|
N/A
|
To provide long-term capital
appreciation.
|
First Trust Growth Strength Portfolio -
Class I
This fund will be available on or about
May 20, 2024. Please consult your
registered representative.
|
1.20%2
|
N/A
|
N/A
|
N/A
|
To provide capital appreciation.
|
First Trust International Developed
Capital Strength Portfolio - Class I
This fund will be available on or about
May 20, 2024. Please consult your
registered representative.
|
1.20%2
|
16.90%
|
N/A
|
N/A
|
Capital appreciation with income as a
secondary objective.
|
Franklin Allocation VIP Fund - Class 4
|
0.92%2
|
14.62%
|
7.44%
|
4.64%
|
To maximize income while maintaining
prospects for capital appreciation.
|
Franklin Income VIP Fund - Class 2
|
0.71%2
|
8.62%
|
6.98%
|
5.01%
|
Capital appreciation; income is a
secondary consideration.
|
Franklin Mutual Shares VIP Fund - Class
2
|
0.93%
|
13.46%
|
7.81%
|
5.43%
|
Long-term capital appreciation.
|
Goldman Sachs VIT Large Cap Value
Fund - Service Shares
|
0.94%2
|
12.71%
|
11.20%
|
7.35%
|
Long-term growth of capital.
|
Invesco V.I. EQV International Equity
Fund - Series II Shares
|
1.15%
|
17.86%
|
8.15%
|
4.07%
|
Capital Appreciation.
|
Invesco V.I. Global Fund - Series II
Shares
This fund is not available for contracts
issued on or after October 31, 2011.
|
1.07%
|
34.45%
|
12.02%
|
8.21%
|
Long-term growth of capital and income
without excessive fluctuations in market
value.
|
Lord Abbett Series Fund Fundamental
Equity Portfolio - Class VC
This fund is not available in contracts
issued on or after October 31, 2011.
|
1.08%2
|
14.63%
|
9.70%
|
7.00%
|
Long-term capital growth.
|
LVIP AllianceBernstein Large Cap
Growth Fund - Service Class
(formerly LVIP T. Rowe Price Growth
Stock Fund)
advised by Lincoln Financial Investments
Corporation
|
0.88%2
|
45.95%
|
13.04%
|
11.39%
|
Long-term capital growth and current
income by investing approximately 60%
of its assets in equity securities and the
remainder in bonds and other fixed-
income securities.
|
LVIP American Century Balanced Fund -
Service Class
(formerly American Century VP
Balanced Fund)
advised by Lincoln Financial Investments
Corporation
|
1.02%2
|
16.12%
|
8.20%
|
N/A
|
Capital Appreciation.
|
LVIP Baron Growth Opportunities Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
1.15%2
|
17.81%
|
13.66%
|
9.35%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
Reasonable income.
|
LVIP BlackRock Dividend Value
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.91%2
|
9.12%
|
9.27%
|
6.16%
|
High total investment return.
|
LVIP BlackRock Global Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.98%2
|
13.35%
|
N/A
|
N/A
|
To maximize real return, consistent with
preservation of real capital and prudent
investment management.
|
LVIP BlackRock Inflation Protected Bond
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.88%
|
4.81%
|
2.90%
|
1.93%
|
Total return through a combination of
current income and long-term capital
appreciation.
|
LVIP BlackRock Real Estate Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
1.07%2
|
12.79%
|
4.50%
|
3.59%
|
Long-term growth of capital in a manner
consistent with the preservation of
capital.
|
LVIP Blended Large Cap Growth
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.92%2
|
33.81%
|
13.53%
|
9.01%
|
Capital Appreciation.
|
LVIP Blended Mid Cap Managed
Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.98%2
|
17.46%
|
9.94%
|
6.14%
|
Seeks long-term capital appreciation.
|
LVIP Channing Small Cap Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
1.13%
|
19.65%
|
N/A
|
N/A
|
Long-term capital appreciation. A fund
of funds.
|
LVIP Dimensional International Equity
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
1.01%
|
16.40%
|
5.24%
|
2.03%
|
Long-term capital appreciation.
|
LVIP Dimensional U.S. Core Equity 1
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.75%2
|
22.36%
|
14.59%
|
10.69%
|
Long-term capital appreciation. A fund
of funds.
|
LVIP Dimensional U.S. Equity Managed
Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.86%2
|
21.64%
|
12.58%
|
7.75%
|
Long-term capital growth.
|
LVIP Franklin Templeton Global Equity
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.98%2
|
16.95%
|
8.71%
|
4.32%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
To maximize long-term capital
appreciation.
|
LVIP Franklin Templeton Multi-Factor
Emerging Markets Equity Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
|
0.75%2
|
9.76%
|
2.86%
|
1.34%
|
To maximize long-term capital
appreciation.
|
LVIP Franklin Templeton Multi-Factor
International Equity Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.66%2
|
18.62%
|
6.47%
|
4.13%
|
To maximize long-term capital
appreciation.
|
LVIP Franklin Templeton Multi-Factor
Large Cap Equity Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.61%2
|
17.09%
|
12.53%
|
9.79%
|
To maximize long-term capital
appreciation.
|
LVIP Franklin Templeton Multi-Factor
SMID Cap Equity Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.64%2
|
15.25%
|
11.14%
|
6.89%
|
A high level of current income with
some consideration given to growth of
capital. A fund of funds.
|
LVIP Global Conservative Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
1.02%2
|
9.45%
|
3.97%
|
3.26%
|
A balance between a high level of
current income and growth of capital,
with a greater emphasis on growth of
capital. A fund of funds.
|
LVIP Global Growth Allocation Managed
Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
1.01%2
|
13.05%
|
4.71%
|
3.46%
|
A balance between a high level of
current income and growth of capital,
with an emphasis on growth of capital. A
fund of funds.
|
LVIP Global Moderate Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
1.00%2
|
11.56%
|
4.30%
|
3.30%
|
Current income while (i)maintaining a
stable value of your shares (providing
stability of net asset value) and (ii)
preserving the value of your initial
investment (preservation of capital).
|
LVIP Government Money Market Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.64%2
|
4.48%
|
1.46%
|
0.87%
|
A high level of current income; capital
appreciation is the secondary objective.
|
LVIP JPMorgan High Yield Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.93%2
|
11.49%
|
4.69%
|
3.73%
|
Capital appreciation with the secondary
goal of achieving current income by
investing in equity securities.
|
LVIP JPMorgan Mid Cap Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
This fund will be available on or about
May 20, 2024. Please consult your
registered representative.
|
0.99%
|
N/A
|
N/A
|
N/A
|
Current income and some capital
appreciation. A fund of funds.
|
LVIP JPMorgan Retirement Income Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
|
0.93%2
|
11.32%
|
4.75%
|
3.68%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
Long-term capital appreciation.
|
LVIP JPMorgan Select Mid Cap Value
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
1.03%2
|
11.80%
|
8.97%
|
5.35%
|
Capital growth over the long term.
|
LVIP JPMorgan Small Cap Core Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
This fund will be available on or about
May 20, 2024. Please consult your
registered representative.
|
1.03%
|
12.80%
|
9.12%
|
6.81%
|
High total return.
|
LVIP JPMorgan U.S. Equity Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
This fund will be available on or about
May 20, 2024. Please consult your
registered representative.
|
0.94%
|
26.84%
|
16.86%
|
12.15%
|
Maximum current income (yield)
consistent with a prudent investment
strategy.
|
LVIP Macquarie Bond Fund - Service
Class3
(formerly LVIP Delaware Bond Fund)
advised by Lincoln Financial Investments
Corporation
|
0.72%
|
5.57%
|
1.14%
|
1.64%
|
Total return.
|
LVIP Macquarie Diversified Floating Rate
Fund - Service Class3
(formerly LVIP Delaware Diversified
Floating Rate Fund)
advised by Lincoln Financial Investments
Corporation
|
0.88%2
|
5.31%
|
2.13%
|
1.43%
|
Maximum long-term total return
consistent with reasonable risk.
|
LVIP Macquarie Diversified Income Fund
- Service Class3
(formerly LVIP Delaware Diversified
Income Fund)
advised by Lincoln Financial Investments
Corporation
|
0.84%2
|
5.94%
|
1.75%
|
1.80%
|
Total return and, as a secondary
objective, high current income.
|
LVIP Macquarie High Yield Fund -
Service Class3
(formerly LVIP Delaware High Yield
Fund)
advised by Lincoln Financial Investments
Corporation
|
1.04%2
|
12.34%
|
5.19%
|
3.25%
|
Maximum total return, consistent with
reasonable risk.
|
LVIP Macquarie Limited-Term Diversified
Income Fund - Service Class3
(formerly LVIP Delaware Limited-Term
Diversified Income Fund)
advised by Lincoln Financial Investments
Corporation
|
0.83%2
|
4.68%
|
1.56%
|
1.36%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
To maximize long-term capital
appreciation.
|
LVIP Macquarie Mid Cap Value Fund -
Service Class3
(formerly LVIP Delaware Mid Cap Value
Fund)
advised by Lincoln Financial Investments
Corporation
|
0.78%
|
10.86%
|
11.49%
|
8.24%
|
Long-term capital appreciation.
|
LVIP Macquarie SMID Cap Core Fund -
Service Class3
(formerly LVIP Delaware SMID Cap Core
Fund)
advised by Lincoln Financial Investments
Corporation
|
1.10%2
|
16.10%
|
11.91%
|
8.06%
|
To maximize long-term capital
appreciation.
|
LVIP Macquarie Social Awareness Fund -
Service Class3
(formerly LVIP Delaware Social
Awareness Fund)
advised by Lincoln Financial Investments
Corporation
|
0.80%
|
29.72%
|
15.45%
|
10.93%
|
Long-term capital appreciation.
|
LVIP Macquarie U.S. Growth Fund -
Service Class3
(formerly LVIP Delaware U.S. Growth
Fund)
advised by Lincoln Financial Investments
Corporation
|
1.02%
|
47.90%
|
18.02%
|
12.22%
|
Maximum long-term total return, with
capital appreciation as a secondary
objective.
|
LVIP Macquarie U.S. REIT Fund -
Service Class3
(formerly LVIP Delaware U.S. REIT
Fund)
advised by Lincoln Financial Investments
Corporation
|
1.13%2
|
12.24%
|
6.14%
|
5.94%
|
Long-term capital appreciation.
|
LVIP Macquarie Value Fund - Service
Class3
(formerly LVIP Delaware Value Fund)
advised by Lincoln Financial Investments
Corporation
|
0.98%
|
3.18%
|
7.78%
|
7.54%
|
Long-term capital appreciation.
|
LVIP MFS International Growth Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
1.05%2
|
14.42%
|
9.55%
|
6.31%
|
Capital Appreciation.
|
LVIP MFS Value Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.87%2
|
7.80%
|
11.10%
|
8.30%
|
Current income consistent with the
preservation of capital.
|
LVIP Mondrian Global Income Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.90%2
|
3.76%
|
-1.16%
|
0.01%
|
Long-term capital appreciation as
measured by the change in the value of
fund shares over a period of three years
or longer.
|
LVIP Mondrian International Value Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
|
1.00%2
|
19.81%
|
5.77%
|
3.19%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
To seek a high level of current income
consistent with preservation of capital.
|
LVIP PIMCO Low Duration Bond Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.93%2
|
4.61%
|
1.04%
|
N/A
|
To match as closely as practicable,
before fees and expenses, the
performance of the Bloomberg U.S.
Aggregate Index.
|
LVIP SSGA Bond Index Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
|
0.62%2
|
5.03%
|
0.52%
|
1.23%
|
A high level of current income, with
some consideration given to growth of
capital. A fund of funds.
|
LVIP SSGA Conservative Index
Allocation Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.76%2
|
10.46%
|
5.02%
|
3.83%
|
Long-term growth of capital. A fund of
funds.
|
LVIP SSGA Global Tactical Allocation
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.84%2
|
13.22%
|
6.02%
|
3.65%
|
To approximate as closely as practicable,
before fees and expenses, the
performance of a broad market index of
non-U.S. foreign securities.
|
LVIP SSGA International Index Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.64%2
|
17.27%
|
7.70%
|
3.76%
|
A balance between a high level of
current income and growth of capital,
with a greater emphasis on growth of
capital. A fund of funds.
|
LVIP SSGA Moderate Index Allocation
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.76%
|
13.28%
|
7.11%
|
5.07%
|
A balance between high level of current
income and growth of capital, with a
greater emphasis on growth of capital. A
fund of funds.
|
LVIP SSGA Moderately Aggressive Index
Allocation Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.76%
|
14.54%
|
7.77%
|
5.45%
|
To approximate as closely as practicable,
before fees and expenses, the total rate
of return of common stocks publicly
traded in the United States, as
represented by the S&P 500 Index.
|
LVIP SSGA S&P 500 Index Fund -
Service Class4
advised by Lincoln Financial Investments
Corporation
|
0.48%
|
25.70%
|
15.12%
|
11.49%
|
To provide investment results that,
before fees and expenses, correspond
generally to the price and yield
performance of an index that tracks the
short-term U.S. corporate bond market.
|
LVIP SSGA Short-Term Bond Index Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
|
0.61%2
|
4.91%
|
1.62%
|
N/A
|
To approximate as closely as practicable,
before fees and expenses, the
performance of the Russell 2000®
Index, which emphasizes stocks of small
U.S. companies.
|
LVIP SSGA Small-Cap Index Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.63%2
|
16.21%
|
9.25%
|
6.47%
|
A high level of current income, with
some consideration given to growth of
capital. A fund of funds.
|
LVIP Structured Conservative Allocation
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.85%
|
9.99%
|
4.80%
|
3.71%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
A balance between a high level of
current income and growth of capital,
with an emphasis on growth of capital. A
fund of funds.
|
LVIP Structured Moderate Allocation
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.82%
|
12.81%
|
6.86%
|
4.96%
|
A balance between high level of current
income and growth of capital, with a
greater emphasis on growth of capital. A
fund of funds.
|
LVIP Structured Moderately Aggressive
Allocation Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.84%
|
13.98%
|
7.42%
|
5.28%
|
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of
funds.
|
LVIP T. Rowe Price 2020 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
This fund is not available in contracts
issued on or after June 30, 2009.
|
0.91%2
|
13.27%
|
7.15%
|
4.64%
|
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of
funds.
|
LVIP T. Rowe Price 2030 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
This fund is not available in contracts
issued on or after June 30, 2009.
|
0.93%2
|
15.84%
|
8.80%
|
5.20%
|
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of
funds.
|
LVIP T. Rowe Price 2040 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
This fund is not available in contracts
issued on or after June 30, 2009.
|
0.95%2
|
18.89%
|
10.44%
|
5.85%
|
To maximize capital appreciation.
|
LVIP T. Rowe Price Structured Mid-Cap
Growth Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.97%2
|
20.87%
|
13.22%
|
10.54%
|
Total return consistent with the
preservation of capital. A fund of funds.
|
LVIP Vanguard Bond Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.62%
|
5.73%
|
0.33%
|
1.02%
|
Long-term capital appreciation. A fund
of funds.
|
LVIP Vanguard Domestic Equity ETF
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.57%2
|
24.91%
|
14.55%
|
10.81%
|
Long-term capital appreciation. A fund
of funds.
|
LVIP Vanguard International Equity ETF
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.59%2
|
15.07%
|
6.84%
|
3.74%
|
Capital growth.
|
LVIP Wellington Capital Growth Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.95%2
|
38.35%
|
16.68%
|
13.63%
|
Long-term capital appreciation.
|
LVIP Wellington SMID Cap Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
1.04%2
|
16.95%
|
12.17%
|
7.44%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
Long-term capital appreciation.
|
Macquarie VIP Emerging Markets Series
- Service Class3
(formerly Delaware VIP® Emerging
Markets Series)
advised by Delaware Management
Company
|
1.48%2
|
13.45%
|
3.87%
|
2.38%
|
Capital Appreciation.
|
Macquarie VIP Small Cap Value Series -
Service Class3
(formerly Delaware VIP® Small Cap
Value Series)
advised by Delaware Management
Company
|
1.08%
|
9.10%
|
9.87%
|
6.77%
|
Capital Appreciation.
|
MFS® VIT Growth Series - Service Class
advised by Massachusetts Financial
Services Company
|
0.98%2
|
35.51%
|
15.59%
|
12.69%
|
Total return.
|
MFS® VIT Total Return Series - Service
Class
advised by Massachusetts Financial
Services Company
|
0.86%2
|
10.22%
|
8.27%
|
6.27%
|
Total return.
|
MFS® VIT Utilities Series - Service Class
advised by Massachusetts Financial
Services Company
|
1.04%2
|
-2.33%
|
8.05%
|
6.13%
|
Long-term capital appreciation by
investing primarily in growth-oriented
equity securities of large capitalization
companies.
|
Morgan Stanley VIF Growth Portfolio -
Class II
This fund is not available in contracts
issued on or after October 31, 2011.
|
0.82%2
|
48.32%
|
10.95%
|
11.62%
|
Maximum real return, consistent with
prudent investment management.
|
PIMCO VIT CommodityRealReturn®
Strategy Portfolio - Advisor Class
advised by Pacific Investment
Management Company, LLC
|
1.58%2
|
-7.93%
|
8.46%
|
-0.90%
|
Capital growth and current income.
|
Putnam VT Large Cap Value Fund - Class
IB
|
0.82%
|
15.67%
|
14.50%
|
10.26%
|
High current income consistent with
preservation of capital; capital
appreciation is a secondary objective.
|
Templeton Global Bond VIP Fund - Class
2
|
0.75%2
|
2.88%
|
-2.13%
|
-0.66%
|
Group 1
Investments must be at least 30% of Contract Value or Account Value
|
Group 2
Investments cannot exceed 70% of Contract Value or Account Value
|
LVIP American Century Inflation Protection Fund
LVIP BlackRock Inflation Protected Bond Fund
LVIP Macquarie Bond Fund
LVIP Macquarie Diversified Floating Rate Fund
LVIP Macquarie Diversified Income Fund
LVIP Macquarie Limited-Term Diversified Income Fund
LVIP Mondrian Global Income Fund
LVIP PIMCO Low Duration Bond Fund
LVIP SSGA Bond Index Fund
LVIP Vanguard Bond Allocation Fund
Templeton Global Bond VIP Fund
|
All other Subaccounts except as described below.
|
Group 1
Investments must be at least 20% of Contract
Value or Account Value
|
Group 2
Investments cannot exceed 80% of Contract
Value or Account Value
|
Group 3
Investments cannot exceed 10% of Contract
Value or Account Value
|
LVIP BlackRock Inflation Protected Bond Fund
LVIP Macquarie Bond Fund
LVIP Macquarie Diversified Floating Rate Fund
LVIP Macquarie Diversified Income Fund
LVIP Macquarie Limited-Term Diversified Income
Fund
LVIP Mondrian Global Income Fund (not available
for riders purchased on or after May 21, 2018)
LVIP PIMCO Low Duration Bond Fund
LVIP SSGA Bond Index Fund
LVIP SSGA Short-Term Bond Index Fund
LVIP Vanguard Bond Allocation Fund
|
LVIP BlackRock Dividend Value Managed
Volatility Fund
LVIP Blended Large Cap Growth Managed
Volatility Fund
LVIP Blended Mid Cap Managed Volatility Fund
LVIP Dimensional International Equity Managed
Volatility Fund
LVIP Dimensional U.S. Equity Managed Volatility
Fund
LVIP Franklin Templeton Global Equity Managed
Volatility Fund
LVIP Global Conservative Allocation Managed
Risk Fund
LVIP Global Growth Allocation Managed Risk
Fund
LVIP Global Moderate Allocation Managed Risk
Fund
LVIP JPMorgan Select Mid Cap Value Managed
Volatility Fund
LVIP SSGA Global Tactical Allocation Managed
Volatility Fund
|
No subaccounts at this time.
|
Group 1
Investments must be at least 30% of Contract
Value or Account Value
|
Group 2
Investments cannot exceed 70% of Contract
Value or Account Value
|
Group 3
Investments cannot exceed 10% of Contract
Value or Account Value
|
LVIP BlackRock Inflation Protected Bond Fund
LVIP Macquarie Bond Fund
LVIP Macquarie Diversified Floating Rate Fund
LVIP Macquarie Diversified Income Fund
LVIP Macquarie Limited-Term Diversified Income
Fund
LVIP Mondrian Global Income Fund
LVIP PIMCO Low Duration Bond Fund
LVIP SSGA Bond Index Fund
LVIP SSGA Short-Term Bond Index Fund
LVIP Vanguard Bond Allocation Fund
|
All other Subaccounts except those in Group 3
and as described below.
|
AB VPS Sustainable Global Thematic Portfolio
DWS Alternative Asset Allocation VIP Portfolio
LVIP BlackRock Real Estate Fund
LVIP Franklin Templeton Multi-Factor Emerging
Markets Equity Fund
LVIP Macquarie U.S. REIT Fund
Macquarie VIP Emerging Markets Series
MFS® VIT Utilities Series
|
Guaranteed Maximum Annual Fee Rate*
|
||
Single
Life
|
Joint
Life
|
|
Lincoln Lifetime IncomeSMAdvantage 2.0
(Managed Risk) on or after May 21, 2018
|
2.25%
|
2.45%
|
Current Annual Fee Rate
|
Guaranteed Maximum Annual Fee Rate
|
|||
Single
Life
|
Joint
Life
|
Single
Life
|
Joint
Life
|
|
Lincoln Lifetime
IncomeSM Advantage 2.0
(Managed Risk) prior to
May 21, 2018
|
1.05%
|
1.25%
|
2.00%
|
2.00%
|
Lincoln Lifetime
IncomeSMAdvantage 2.0
|
1.05%
(0.2625% quarterly)
|
1.25%
(0.3125% quarterly)
|
2.00%
|
2.00%
|
If your Prior Rider is...
|
you will transition to...
|
Lincoln Lifetime IncomeSM Advantage 2.0
|
i4LIFE® Advantage Guaranteed Income Benefit
(version 4)
|
Current Fee
|
|
Beginning December 3, 2012
|
0.85%
|
January 20, 2009 through December 2, 2012
|
0.65%
|
Prior to January 20, 2009
|
0.45%
|
Current Fee
|
||
Single
Life
|
Joint
Life
|
|
Beginning December 3, 2012
|
0.85%
|
1.00%
|
Prior to December 3, 2012
|
0.65%
|
0.80%
|
Current Fee
|
|
Beginning January 20, 2009
|
0.65%
|
Prior to January 20, 2009
|
0.50%
|
Contract
Value
|
Protected Income Base
|
|
At issue
|
$50,000
|
$50,000
|
1st Benefit Year anniversary
|
$54,000
|
$54,000
|
2nd Benefit Year anniversary
|
$53,900
|
$56,700
|
Contract Value on the rider's effective date
|
$200,000
|
Protected Income Base and Enhancement Base on the rider's
effective date
|
$200,000
|
Initial Protected Annual Income amount on the rider's effective
date ($200,000 x 4.00%)
|
$8,000
|
Contract Value six months after rider's effective date
|
$210,000
|
Protected Income Base and Enhancement Base six months after
rider's effective date
|
$200,000
|
Withdrawal six months after rider's effective date
|
$8,000
|
Contract Value after withdrawal ($210,000 - $8,000)
|
$202,000
|
Protected Income Base and Enhancement Base after withdrawal
($200,000 - $0)
|
$200,000
|
Contract Value on first Benefit Year anniversary
|
$205,000
|
Protected Income Base and Enhancement Base on first Benefit
Year anniversary
|
$205,000
|
Protected Annual Income amount on first Benefit Year anniversary
($205,000 x 4.00%)
|
$8,200
|
Initial Purchase Payment
|
$100,000
|
|
Additional Purchase Payment in Year 2
|
$95,000
|
No change to charge
|
Additional Purchase Payment in Year 3
|
$50,000
|
Charge will be the then current charge
|
Additional Purchase Payment in Year 4
|
$25,000
|
Charge will be the then current charge
|
Contract
Value
|
Protected Income Base
|
Potential for
Fee to
Change
|
Length of 5%
Enhancement
Period
|
|
Initial Purchase Payment $50,000
|
$50,000
|
$50,000
|
No
|
10
|
1st Benefit Year anniversary
|
$54,000
|
$54,000
|
Yes
|
10
|
2nd Benefit Year anniversary
|
$53,900
|
$56,700
|
No
|
9
|
3rd Benefit Year anniversary
|
$57,000
|
$59,535
|
No
|
8
|
4th Benefit Year anniversary
|
$64,000
|
$64,000
|
Yes
|
10
|
Contract
Value
|
Protected Income Base
|
Protected Annual Income
|
|
Initial Purchase Payment $50,000
|
$50,000
|
$50,000
|
$2,500
|
1st Benefit Year anniversary
|
$54,000
|
$54,000
|
$2,700
|
2nd Benefit Year anniversary
|
$51,000
|
$51,300
|
$2,700
|
3rd Benefit Year anniversary
|
$57,000
|
$57,000
|
$2,850
|
4th Benefit Year anniversary
|
$64,000
|
$64,000
|
$3,200
|
Contract
Value
|
Guaranteed
Amount
|
|
Initial Purchase Payment $50,000
|
$50,000
|
$50,000
|
1st Benefit Year anniversary
|
$54,000
|
$54,000
|
2nd Benefit Year anniversary
|
$53,900
|
$54,000
|
3rd Benefit Year anniversary
|
$57,000
|
$57,000
|
Initial Purchase Payment
|
$100,000
|
|
Purchase Payment 60 days later
|
$10,000
|
|
Protected Income Base
|
$110,000
|
|
Future Protected Income Base (during the 1st Waiting Period)
|
$126,500
|
($110,000 x 115%)
|
Protected Income Base (after 1st Waiting Period)
|
$126,500
|
|
New Future Protected Income Base (during 2nd Waiting Period)
|
$145,475
|
($126,500 x 115%)
|
Protected Income Base
|
$100,000
|
|
Purchase Payment in Year 2
|
$10,000
|
|
New Protected Income Base
|
$110,000
|
|
Future Protected Income Base (during 1st Waiting Period-Year 2)
|
$125,500
|
($100,000 x 115%) +
|
($10,000 x 100%) +
|
||
($10,000 x 15% x 1/3)
|
||
Protected Income Base (after 1st Waiting Period)
|
$125,500
|
|
New Future Protected Income Base (during 2nd Waiting Period)
|
$144,325
|
(125,500 x 115%)
|
Protected Income Base
|
$100,000
|
Maximum Protected Income Base
|
$200,000
|
Purchase Payment in Year 2
|
$10,000
|
Increase to Maximum Protected Income Base
|
$20,000
|
New Protected Income Base
|
$110,000
|
New Maximum Protected Income Base
|
$220,000
|
Future Protected Income Base after Purchase
Payment
|
$125,500
|
Maximum Protected Income Base
|
$220,000
|
Protected Income Base (after 1st Waiting
Period)
|
$125,500
|
||
Future Protected Income Base (during 2nd
Waiting Period)
|
$144,325
|
Maximum Protected Income Base
|
$220,000
|
Contract Value in Year 4
|
$112,000
|
||
Withdrawal of 10%
|
$11,200
|
||
After Withdrawal (10% adjustment)
|
|||
Contract Value
|
$100,800
|
||
Protected Income Base
|
$112,950
|
||
Future Protected Income Base
|
$129,893
|
Maximum Protected Income Base
|
$198,000
|
i4LIFE® Account Value before market decline
|
$135,000
|
i4LIFE® Account Value after market decline
|
$100,000
|
Guaranteed Income Benefit
|
$810
|
Regular Income Payment after market decline
|
$769
|
Account Value after market decline and Guaranteed Income Benefit
payment
|
$99,190
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
59 - 64
|
4.75%
|
59 - 64
|
4.25%
|
65 - 69
|
5.75%
|
65 - 69
|
5.25%
|
70 - 74
|
6.05%
|
70 - 74
|
5.55%
|
75+
|
6.25%
|
75+
|
5.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
59 - 64
|
4.60%
|
59 - 64
|
4.10%
|
65 - 69
|
5.55%
|
65 - 69
|
5.05%
|
70 - 74
|
5.75%
|
70 - 74
|
5.25%
|
75+
|
6.05%
|
75+
|
5.55%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
59 - 64
|
4.35%
|
59 - 64
|
3.85%
|
65 - 69
|
5.40%
|
65 - 69
|
4.90%
|
70 - 74
|
5.50%
|
70 - 74
|
5.00%
|
75+
|
5.70%
|
75+
|
5.20%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
65 - 69
|
5.30%
|
65 - 69
|
4.80%
|
70+
|
5.40%
|
70+
|
4.90%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
65 - 69
|
5.15%
|
65 - 69
|
4.65%
|
70+
|
5.25%
|
70+
|
4.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
65+
|
5.00%
|
65+
|
4.50%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.20%
|
55 - 58
|
2.90%
|
59 - 64
|
4.50%
|
59 - 64
|
4.00%
|
65 - 69
|
5.35%
|
65 - 69
|
5.00%
|
70 - 74
|
5.45%
|
70 - 74
|
5.10%
|
75+
|
5.60%
|
75+
|
5.20%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.50%
|
55 - 58
|
3.20%
|
59 - 64
|
4.50%
|
59 - 64
|
4.10%
|
65 - 69
|
5.50%
|
65 - 69
|
5.20%
|
70 - 74
|
5.60%
|
70 - 74
|
5.30%
|
75+
|
5.70%
|
75+
|
5.40%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.75%
|
55 - 58
|
3.75%
|
59 - 64
|
4.50%
|
59 - 64
|
4.25%
|
65 - 69
|
5.75%
|
65 - 69
|
5.50%
|
70 - 74
|
5.75%
|
70 - 74
|
5.60%
|
75+
|
6.00%
|
75+
|
5.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.75%
|
55 - 58
|
3.75%
|
59 - 64
|
4.50%
|
59 - 64
|
4.25%
|
65 - 69
|
5.85%
|
65 - 69
|
5.50%
|
70 - 74
|
5.90%
|
70 - 74
|
5.60%
|
75+
|
6.00%
|
75+
|
5.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.75%
|
55 - 58
|
3.75%
|
59 - 64
|
4.50%
|
59 - 64
|
4.25%
|
65 - 69
|
5.75%
|
65 - 69
|
5.50%
|
70 - 74
|
5.75%
|
70 - 74
|
5.60%
|
75+
|
6.00%
|
75+
|
5.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.75%
|
55 - 58
|
3.75%
|
59 - 64
|
4.50%
|
59 - 64
|
4.25%
|
65 - 74
|
5.75%
|
65 - 74
|
5.35%
|
75+
|
6.00%
|
75+
|
5.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.50%
|
55 - 58
|
3.50%
|
59 - 64
|
4.50%
|
59 - 64
|
4.25%
|
65 - 74
|
5.50%
|
65 - 74
|
5.25%
|
75+
|
5.85%
|
75+
|
5.60%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.50%
|
55 - 58
|
3.50%
|
59 - 64
|
4.25%
|
59 - 64
|
4.00%
|
65+
|
5.25%
|
65+
|
5.00%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual
Income rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual
Income rate
|
55 - 58
|
3.50%
|
55 - 58
|
3.50%
|
59 - 64
|
4.00%
|
59 - 64
|
4.00%
|
65+
|
5.00%
|
65 - 74
|
4.50%
|
75+
|
5.00%
|
Single & Joint Life Option*
|
Single & Joint Life Option
|
Age
|
Protected Annual
Income rate
|
55 - 58
|
3.50%
|
Single & Joint Life Option*
|
Single & Joint Life Option
|
Age
|
Protected Annual
Income rate
|
59 - 64
|
4.00%
|
65+
|
5.00%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
4.00%
|
55 - 64
|
4.00%
|
59+
|
5.00%
|
65+
|
5.00%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income
rate
|
55 - 58
|
3.00%
|
55 - 58
|
3.00%
|
59 - 64
|
3.50%
|
59 - 64
|
3.50%
|
65 - 69
|
4.50%
|
65 - 69
|
4.00%
|
70+
|
5.00%
|
70+
|
4.50%
|
Single & Joint Life Option*
|
Single & Joint Life Option
|
Age
|
Protected Annual
Income rate
|
55 - 58
|
3.00%
|
59 - 64
|
3.50%
|
65 - 69
|
4.50%
|
70+
|
5.00%
|
Single Life Option
|
Joint Life Option*
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income rate
|
55 - 58
|
3.50%
|
55 - 64
|
3.50%
|
59 - 64
|
4.00%
|
65 - 69
|
4.50%
|
65 - 69
|
4.50%
|
70+
|
5.00%
|
70+
|
5.00%
|
Single Life Option
|
Joint Life Option*
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income rate
|
55 - 58
|
4.00%
|
55 - 64
|
4.00%
|
Single Life Option
|
Joint Life Option*
|
||
Age
|
Protected Annual Income
rate
|
Age
(younger of you and
your spouse's age)
|
Protected Annual Income rate
|
59+
|
5.00%
|
65+
|
5.00%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Percentage of Account
Value or Protected Income Base*
|
Age
(younger of you and
your spouse's age)
|
Percentage of Account
Value or Protected Income Base*
|
Under age 40
|
2.00%
|
Under age 40
|
2.00%
|
40 - 54
|
2.25%
|
40 - 54
|
2.00%
|
55 - 58
|
2.25%
|
55 - 58
|
2.00%
|
59 - 64
|
3.25%
|
59 - 64
|
2.50%
|
65 - 69
|
4.00%
|
65 - 69
|
3.00%
|
70 - 74
|
4.50%
|
70 - 74
|
3.25%
|
75 - 79
|
4.50%
|
75 - 79
|
3.50%
|
80+
|
4.50%
|
80+
|
3.75%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Percentage of Account
Value or Protected Income Base*
|
Age
(younger of you and
your spouse's age)
|
Percentage of Account
Value or Protected Income Base*
|
Under age 40
|
2.50%
|
Under age 40
|
2.50%
|
40 - 54
|
3.00%
|
40 - 54
|
2.75%
|
55 - 58
|
3.25%
|
55 - 58
|
3.00%
|
59 - 64
|
3.75%
|
59 - 64
|
3.50%
|
65 - 69
|
4.25%
|
65 - 69
|
4.00%
|
70 - 74
|
5.00%
|
70 - 74
|
4.25%
|
75 - 79
|
5.00%
|
75 - 79
|
4.75%
|
80+
|
5.25%
|
80+
|
5.00%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Percentage of Account
Value or Protected Income Base*
|
Age
(younger of you and
your spouse's age)
|
Percentage of Account
Value or Protected Income Base*
|
Under age 40
|
2.50%
|
Under age 40
|
2.50%
|
40 - 54
|
3.00%
|
40 - 54
|
3.00%
|
55 - 58
|
3.50%
|
55 - 58
|
3.50%
|
59 - 64
|
4.00%
|
59 - 69
|
4.00%
|
65 - 69
|
4.50%
|
70 - 74
|
4.50%
|
70 - 79
|
5.00%
|
75 - 79
|
5.00%
|
80+
|
5.50%
|
80+
|
5.50%
|
Single Life Option
|
Joint Life Option
|
||
Age
|
Percentage of Account
Value, Protected Income Base or
Guaranteed Amount*
|
Age
(younger of you and
your spouse's age)
|
Percentage of Account
Value, Protected Income Base or
Guaranteed Amount*
|
Under age 40
|
2.00%
|
Under age 40
|
2.00%
|
40 - 54
|
2.50%
|
40 - 54
|
2.50%
|
55 - 58
|
3.00%
|
55 - 58
|
3.00%
|
59 - 64
|
3.50%
|
59 - 69
|
3.50%
|
65 - 69
|
4.00%
|
70 - 74
|
4.00%
|
70 - 74
|
4.50%
|
75+
|
4.50%
|
75+
|
5.00%
|
Single & Joint Life Option*
|
Single & Joint Life Option*
|
Age
|
Percentage of Account
Value or Protected Income Base**
|
Under age 40
|
2.50%
|
40 - 54
|
3.00%
|
55 - 58
|
3.50%
|
59 - 64
|
4.00%
|
65 - 69
|
4.50%
|
70 - 79
|
5.00%
|
80+
|
5.50%
|
Single & Joint Life Option*
|
Single & Joint Life Option*
|
Age
|
Percentage of Account Value,
Protected Income Base or Guaranteed Amount**
|
Under age 40
|
2.00%
|
40 - 54
|
2.50%
|
55 - 58
|
3.00%
|
59 - 64
|
3.50%
|
65 - 69
|
4.00%
|
70 - 74
|
4.50%
|
75+
|
5.00%
|
Single & Joint Life Option*
|
Single & Joint Life Option*
|
Age
|
Percentage of Account Value,
Protected Income Base or Guaranteed Amount**
|
Under age 40
|
2.50%
|
Single & Joint Life Option*
|
Single & Joint Life Option*
|
Age
|
Percentage of Account Value,
Protected Income Base or Guaranteed Amount**
|
40 - 54
|
3.00%
|
55 - 58
|
3.50%
|
59 - 64
|
4.00%
|
65 - 69
|
4.50%
|
70 - 79
|
5.00%
|
80+
|
5.50%
|
If your rider was purchased:
|
The Enhancement is based on the…
|
…multiplied by the
Enhancement Rate of…
|
On or after July 25, 2022, but prior to June 25, 2023
|
Enhancement Base
|
7%
|
On or after May 18, 2020, but prior to July 25, 2022
|
Enhancement Base
|
5%
|
On or after August 20, 2018, but prior to May 18, 2020
|
Enhancement Base
|
6%
|
Prior to August 20, 2018
|
Protected Income Base
|
5%
|
Single
Life
|
Joint
Life
|
|
Riders elected between October 12, 2020 and April 30, 2023
|
1.50%
|
1.60%
|
Riders elected on or after May 21, 2018 and prior to October 12, 2020
|
1.25%
|
1.50%
|
Riders elected prior to May 21, 2018
|
1.05%
|
1.25%
|
Single
Life
|
Joint
Life
|
|
i4LIFE®Advantage Guaranteed Income Benefit (Managed Risk) riders elected prior to April 30, 2024
|
0.65%
|
0.85%
|
i4LIFE®Advantage Guaranteed Income Benefit (Managed Risk) for Lincoln Lifetime IncomeSM Advantage 2.0
(Managed Risk) riders elected between October 12, 2020 and June 25, 2023
|
1.50%
|
1.60%
|
i4LIFE®Advantage Guaranteed Income Benefit (Managed Risk) for Lincoln Lifetime IncomeSM Advantage 2.0
(Managed Risk) riders elected on or after May 21, 2018 and prior to October 12, 2020
|
1.25%
|
1.50%
|
i4LIFE®Advantage Guaranteed Income Benefit (Managed Risk) for Lincoln Lifetime IncomeSM Advantage 2.0
(Managed Risk) riders elected prior to May 21, 2018
|
1.05%
|
1.25%
|
Contents
|
Page
|
Special Terms
|
B-2
|
General Information and History
|
B-2
|
Lincoln Life & Annuity Company of New York
|
B-2
|
Variable Annuity Account (VAA)
|
B-3
|
Capital Markets
|
B-3
|
Advertising & Ratings
|
B-3
|
Non-Principal Risks of Investing In The
Contract
|
B-4
|
Services
|
B-4
|
Purchase of Securities Being Offered
|
B-5
|
Contents
|
Page
|
Principal Underwriter
|
B-5
|
Contract Information
|
B-5
|
Interest Adjustment Example
|
B-5
|
Additional Services
|
B-7
|
Other Information
|
B-8
|
Determination of Accumulation and Annuity
Unit Value
|
B-8
|
Annuity Payments
|
B-8
|
Financial Statements
|
B-9
|
Single Premium
|
$50,000
|
Premium taxes
|
None
|
Withdrawals
|
None
|
Guaranteed Period
|
5 years
|
Guaranteed Interest Rate
|
3.50%
|
Annuity Date
|
Age 70
|
Index Rate A
|
3.50%
|
Index Rate B
|
4.00% End of Contract Year 1
3.50% End of Contract Year 2
3.00% End of Contract Year 3
2.00% End of Contract Year 4
|
Percentage adjustment to B
|
0.50%
|
Interest Adjustment Formula
|
(1 + Index A)n
|
-1
|
n = Remaining Guaranteed Period
|
(1 + Index B + % Adjustment)n
|
Contract Year
|
(1)
Annuity
Value
|
(2)
1 + Interest
Adjustment Formula
|
(3)
Adjusted
Annuity
Value
|
(4)
Minimum
Value
|
(5)
Greater of
(3) & (4)
|
(6)
Surrender
Charge
|
(7)
Surrender
Value
|
1
|
$51,710
|
0.962268
|
$49,759
|
$50,710
|
$50,710
|
$4,250
|
$46,460
|
2
|
$53,480
|
0.985646
|
$52,712
|
$51,431
|
$52,712
|
$4,250
|
$48,462
|
3
|
$55,312
|
1.000000
|
$55,312
|
$52,162
|
$55,312
|
$4,000
|
$51,312
|
4
|
$57,208
|
1.009756
|
$57,766
|
$52,905
|
$57,766
|
$3,500
|
$54,266
|
5
|
$59,170
|
N/A
|
$59,170
|
$53,658
|
$59,170
|
$3,000
|
$56,170
|
Contract Year
|
BOY*
Annuity
Value
|
Guaranteed
Interest Rate
|
Annual
Account
Fee
|
EOY**
Annuity
Value
|
|||
1
|
$50,000
|
x
|
1.035
|
-
|
$40
|
=
|
$51,710
|
2
|
$51,710
|
x
|
1.035
|
-
|
$40
|
=
|
$53,480
|
3
|
$53,480
|
x
|
1.035
|
-
|
$40
|
=
|
$55,312
|
4
|
$55,312
|
x
|
1.035
|
-
|
$40
|
=
|
$57,208
|
5
|
$57,208
|
x
|
1.035
|
-
|
$40
|
=
|
$59,170
|
Contract Year
|
Surrender
Charge
Factor
|
Deposit
|
Surrender
Charge
|
||
1
|
8.5%
|
x
|
$50,000
|
=
|
$4,250
|
2
|
8.5%
|
x
|
$50,000
|
=
|
$4,250
|
3
|
8.0%
|
x
|
$50,000
|
=
|
$4,000
|
4
|
7.0%
|
x
|
$50,000
|
=
|
$3,500
|
5
|
6.0%
|
x
|
$50,000
|
=
|
$3,000
|
Contract Year
|
Index A
|
Index B
|
Adj Index B
|
N
|
Result
|
1
|
3.50
%
|
4.00
%
|
4.50
%
|
4
|
0.962268
|
2
|
3.50
%
|
3.50
%
|
4.00
%
|
3
|
0.985646
|
3
|
3.50
%
|
3.00
%
|
3.50
%
|
2
|
1.000000
|
4
|
3.50
%
|
2.00
%
|
2.50
%
|
1
|
1.009756
|
5
|
3.50
%
|
N/A
|
N/A
|
N/A
|
N/A
|
Contract Year
|
Minimum
Guaranteed
Interest Rate
|
Annual
Account
Fee
|
Minimum
Value
|
||||
1
|
$50,000
|
x
|
1.015
|
-
|
$40
|
=
|
$50,710
|
2
|
$50,710
|
x
|
1.015
|
-
|
$40
|
=
|
$51,431
|
3
|
$51,431
|
x
|
1.015
|
-
|
$40
|
=
|
$52,162
|
4
|
$52,162
|
x
|
1.015
|
-
|
$40
|
=
|
$52,905
|
5
|
$52,905
|
x
|
1.015
|
-
|
$40
|
=
|
$53,658
|